• Friday, March 29, 2024
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Julius Berger grows net income 59 percent in 2018, proposes N2.64bn pay-out

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Julius Berger Nigeria Plc has ‎recommended a dividend of N2.00 per 50 Kobo Ordinary share, resulting in a total gross dividend pay-out of N2.64 billion.

Confirming the company’s stance ‎at the Annual General Meeting on last Thursday, Mutiu Summonu, Chairman, Board of Directors told shareholders that the company

The company’s net income or profit after tax surged 59 percent to N6.1 billion in 2018, compared to N2.5 billion in the previous year.

Last year, the company’s subsidiaries have also shown marked progress. Most notably Julius Berger Services Nigeria Limited saw a tremendous positive improvement, with a 75% increase in port operations considering the number of vessels serviced.

Summonu at the meeting also attributed the advancement of the company ‎to a proactive strategic approach to project acquisitions.

“Although the construction industry was still sluggist in 2018,Julius Berger Nigeria PLC could advance its project portfolio by means of a proactive and strategic approach to project acquisitions.”Summonu said.

Speaking further, “In the year under review, the company succeeded in securing significant public and private sector projects including the Main contract for second River Niger Bridge in Asaba/Onitsha and Abuja-Kano road, on which innovative Cold recycling Methodology is being implemented for the first time in Nigeria”

Some of the Shareholders who spoke ‎at the Annual General Meeting lauded the effort of the company in job creation; this is even as they called on the federal and state governments to ensure consistent support for the company.

Patrick Ajudu, speaking on behalf of shareholders, appreciated the excellence in service delivery of the company ‎, while also urging them to ensure they follow trends of modern technology in its service delivery.

Emmanuel James, another shareholder lauded the diversification efforts of the company, as he revealed that the staff strength of the company recorded 23,400 staff increase.

Our estimates suggest that almost half of the decline in the global premium segment in Q1 2019 was due to the sluggish Chinese market.
“However, we expect that as 5G begins to commercialize in the future, the premium segment will grow. In 2019 and 2020, all the 5G devices are expected to launch in the premium segment,” noted Mishra.

 

HARRISON EDEH